XRP Slides 3% Ahead of Fed Talks as Uphold Affirms $5B Reserves are User-Owned

• XRP fell over 3% ahead of the awaited Federal Reserve’s Sept. 16–17 meeting.
• Uphold CEO Simon McLoughlin clarified that the exchange’s $5B XRP reserves belong entirely to customers, reinforcing trust.

Ripple’s XRP token is under pressure ahead of the U.S. Federal Reserve’s upcoming policy meeting. At the same time, Uphold has made a statement that affirmed the ownership of its $5 billion XRP reserves belongs to the customers.

According to market data, XRP has dropped just over 3% over the past 24 hours at the time of press. This dip can be attributed to the Federal Reserve’s Sept. 16–17 meeting, where policymakers are expected to signal their next steps on interest rates amid rising inflation. XRP is not the only affected coin by the expected FED meeting. The broader market has seen a pullback, with Bitcoin slipping to $114,000 and Ethereum declining 4% over the same period.

Related: Ripple’s XRP Overtakes Wall Street Giant Citigroup in Global Valuation Rankings

While the market has been volatile, Uphold CEO Simon McLoughlin has reaffirmed the exchange’s commitment to transparency and trust. In a recent statement, he stressed that the $5 billion worth of XRP held in Uphold wallets belongs entirely to customers, not the exchange itself.

 “Uphold acts strictly as custodian. These reserves are client deposits, not proprietary holdings.” 

Uphold’s Role in the XRP Ecosystem

Uphold is one of the largest XRP custodians globally, with wallets collectively holding more than 1.5 billion XRP, according to XRPScan. Its decision to continue listing XRP during the SEC’s lawsuit against Ripple in 2020–2021 cemented the exchange’s standing with the XRP community, many of whom migrated to Uphold after other platforms suspended trading.

That loyalty appears to have endured. XRP is now the most-held asset on Uphold, surpassing Bitcoin by more than tenfold in customer balances. This reflects the platform’s reputation as a long-term custodian rather than a market speculator.

While XRP has shed value in recent sessions, analysts note the pullback may be temporary. Markets widely expect the Federal Reserve to cut interest rates by 25 basis points in its upcoming meeting. CoinCodex forecasts XRP could climb back toward $3.43 in early October if macro conditions stabilize.

At the time of writing, XRP is trading at $2.99, just a slight 4% drop in the last month.